Tong Petrotech Corp. (SZSE:300164) Is Going Strong But Fundamentals Appear To Be Mixed : Is There A Clear Direction For The Stock?
Tong Petrotech Corp. (SZSE:300164) Is Going Strong But Fundamentals Appear To Be Mixed : Is There A Clear Direction For The Stock?
The formula for ROE is: Tong Petrotech (SZSE:300164) has had a great run on the share market with its stock up by a significant 26% over the last three months. However, we decided to pay attention to the company's fundamentals which don't appear to give a clear sign about the company's financial health. Particularly, we will be paying attention to Tong Petrotech's ROE today.
同石油(SZSE：300164)的股票在过去三个月里大幅上涨了26%。然而，我们决定关注该公司的基本面，这些基本面似乎并未给出该公司财务健康状况的明确迹象。特别是，我们今天将关注通石油科技的净资产收益率。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. Put another way, it reveals the company's success at turning shareholder investments into profits.
净资产收益率，即股本回报率，是评估一家公司从股东那里获得投资回报的有效程度的有用工具。换句话说，它揭示了该公司成功地将股东投资转化为利润。
View our latest analysis for Tong Petrotech
查看我们对通石油科技的最新分析
How Do You Calculate Return On Equity?
你如何计算股本回报率？
The formula for ROE is:
这个净资产收益率公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for Tong Petrotech is:
因此，根据上述公式，通石油科技的净资产收益率为：
5.7% = CN¥77m ÷ CN¥1.4b (Based on the trailing twelve months to June 2023).
5.7%=7700万元×14亿元(以截至2023年6月的12个月为基础)。
The 'return' is the yearly profit. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.06 in profit.
“回报”就是年度利润。一种概念化的方法是，公司每拥有1元人民币的股东资本，就会获得0.06元人民币的利润。
Why Is ROE Important For Earnings Growth?
为什么净资产收益率对收益增长很重要？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.
到目前为止，我们已经了解到净资产收益率衡量的是一家公司创造利润的效率。我们现在需要评估公司将多少利润再投资或“保留”用于未来的增长，这就让我们对公司的增长潜力有了一个了解。假设其他条件相同，与没有相同特征的公司相比，拥有更高股本回报率和更高利润保留率的公司通常会有更高的增长率。
Tong Petrotech's Earnings Growth And 5.7% ROE
通石油的盈利增长和5.7%的净资产收益率
At first glance, Tong Petrotech's ROE doesn't look very promising. However, given that the company's ROE is similar to the average industry ROE of 7.0%, we may spare it some thought. But then again, Tong Petrotech's five year net income shrunk at a rate of 19%. Remember, the company's ROE is a bit low to begin with. So that's what might be causing earnings growth to shrink.
乍一看，通石油的净资产收益率看起来并不是很有希望。然而，鉴于该公司的净资产收益率(ROE)与7.0%的行业平均ROE相似，我们或许可以省去一些思考。但话又说回来，通石油科技的五年净利润以19%的速度缩水。请记住，该公司的净资产收益率从一开始就有点低。因此，这可能是导致收益增长放缓的原因。
However, when we compared Tong Petrotech's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 12% in the same period. This is quite worrisome.
然而，当我们将通石油科技的增长与行业进行比较时发现，尽管该公司的收益一直在缩水，但同期该行业的收益增长了12%。这相当令人担忧。
Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is Tong Petrotech fairly valued compared to other companies? These 3 valuation measures might help you decide.
盈利增长是股票估值的一个重要因素。投资者下一步需要确定的是，预期的收益增长是否已经计入了股价。通过这样做，他们将知道股票是将进入清澈的蓝色水域，还是等待沼泽水域。与其他公司相比，同石油科技的估值是否公平？这3个估值指标可能会帮助你做出决定。
Is Tong Petrotech Efficiently Re-investing Its Profits?
同石油科技是否有效地将利润进行了再投资？
Tong Petrotech doesn't pay any dividend, meaning that the company is keeping all of its profits, which makes us wonder why it is retaining its earnings if it can't use them to grow its business. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.
通石油不支付任何股息，这意味着该公司将保留所有利润，这让我们不禁要问，如果不能利用这些利润来增长业务，它为什么还要保留收益。因此，可能还有其他因素在起作用，可能会阻碍经济增长。例如，该业务一直面临一些不利因素。
Conclusion
结论
In total, we're a bit ambivalent about Tong Petrotech's performance. While the company does have a high rate of profit retention, its low rate of return is probably hampering its earnings growth. Wrapping up, we would proceed with caution with this company and one way of doing that would be to look at the risk profile of the business. You can see the 2 risks we have identified for Tong Petrotech by visiting our risks dashboard for free on our platform here.
总体而言，我们对通石油的表现有点矛盾。虽然该公司的利润留存率确实很高，但其低回报率可能正在阻碍其收益增长。总而言之，我们将谨慎对待这家公司，其中一种方法是查看业务的风险概况。您可以通过访问我们的风险控制面板在我们的平台上是免费的。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。